Make the most of your savings

Invest wisely to gradually grow your money

- WARREN SHUTE

When inflation is high, you really need to make sure your savings are in the best possible place.

I strongly believe that to get ahead financially, you need to invest in the stock market – and this is especially true when the market has pulled back, like it has at present.

The power of compound growth over time is amazing.

But investing carries risks and although time can dilute these risks for you, if you need access to your money within five years, you should avoid the stock market.

This is because it can be too volatile and you risk getting back less than you invested.

Instead, you should use savings accounts. I always suggest you try and tuck away at least six months of your expenditure in an emergency fund.